General Motors picks 11per cent stake in Nikola; to jointly make electric pick-up truck
REUTERS: General Motors said on Tuesday it was acquiring an 11 per cent stake in US electric truck maker Nikola , worth about US$2 billion, and will team up with the company to make a pick-up truck.
Nikola claims the Badger will have a range of 600 miles, compared with Cycbertruck's claimed range of more than 500 miles. The Cybertruck and other electric pickups have not launched yet. The agreements also signal the urgency of CEO Mary Barra's efforts to convince investors that GM can slash costs in its traditional, internal combustion business and develop a profitable, viable electric vehicle business to compete with Tesla.Shares of GM, which have been stuck for months at levels below US$33 a share, the price of the 2010, post-bankruptcy public offering, rose about 6per cent in premarket trading.
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